TCI restructures public debt with bond sale

| 27/04/2011

(Bloomberg): The Turks and Caicos Islands completed a roughly $280 million bond sale Tuesday that officials say aims to help the British dependency tackle a fiscal crisis. The Caribbean islands’ London-appointed governor said the sale "buys us the time we need to tackle the dire fiscal legacy" inherited by his interim administration. Britain imposed direct rule on Turks and Caicos in August 2009 after a probe into allegations that local leaders misused public money and profited from the sale of government-owned land. The local government and legislature were suspended. Gov. Gordon Wetherell said the bond sale was the best option to give his administration a fixed interest rate and allow some "certainty over our future debt service."

The bonds, with a fixed interest rate of 3.2 percent, will be fully payable on maturity in February 2016.

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  1. Da Cayman fool says:

    Yes Mr Johnson we need to read it carefully and understand that while megg munn and leigh turner of the fco were wine and dine by premier Misick and gave him a clean bill of health to continue on his path to UK control one gets the feeling that the benevolent caretakers in the fco are really interested in our welfare. Please sir dont pi$$ down our backs and tell us it is rain. Cayman better wise up and understand that their are some truly really evil moles running around this place. All the horrific & deceptive things that been done to Cayman in the past ten years by the same fco yet some of these loyal idiots still running around looking for their Savior to come and take us over. How sad! dog going to eat your supper the day that happens

    • Caymanian ghost says:

       Just like they came and help us after hurricane Ivan Cayman fool you are going to get a lot of thumbs down but ain’t nothing more healing than the truth the only reason they haven’t completely taken us over is because they are protecting their citizens money and interest in this financial industry you are right about one thing, this place is inundated with well and highly place persons of interest in our government and private sector. They have in fact already take us over the Cayman influence on this society is almost gone and that should be the proof staring us right in the face. Persons like MLA Ezzard Miller are the last vestiges of the Cayman spirit and that is why many try to deride their influence and importance including certain members of this government who could care less about what ishappening to Cayman or its people. What a terrible shame.

      • George Smiley says:

        I wonder if Ezzard is happy to be associated with idiotic posts like yours, Caymanian ghost? He’s actually quite intelligent, though xenophobic and blind about Caymanians being the super heroes of this world. But you are clearly not intelligent and he must wonder about bozos like you being his supporters.

    • George Smiley says:

      My goodness, Cayman Fool (your name, not mine), Chris Johnson and the FCO must be shaking in their shoes at your ruthless, fearless analysis of the TCI crisis. I am molehunting on your behalf but I haven’t seen any yet. Can you direct me tothese ‘truly evil” ones so I can deal with them?

    • Spycatcher's web says:

      For those who don’t understand who and what George Smiley is he is a fictional character in author John Le Carre novels who is an intelligence officer in MI6.This now bring us to a number of compelling points. The sarcasm and audacity of this poster betrays is nationality and is identity which leads us to the fact he needs to look no further for moles than to look in a mirror too bad for Cayman you are not fictional.Thank you however for proving my point

      • Anonymous says:

        This might have been an interesting post if it made any sense. I was dying to know what the “compelling points” were but alas inarticulateness overcame the poster so it must forever remain a secret.

  2. Anonymous says:

    They want all the territories money! start planning HOW THEY WILL NOT GET IT!

  3. Anonymous says:

    While the FCO slept at the wheel TCI went to hell! 

    Add to that Anguilla and the Cayman Islands is on the same path.

    Now the people of TCI tried to wake up the FCO but they just turned over in their poor governance bed.  So did the people of Anguilla and now the Caymanians, but the FCO sleeps on.

    The FCO writes reports about "Contingent Liabilities on the UK Taxpayers" what about the FCO caused "REAL  LIABILITIES" on the Overseas Territories Taxpayers caused by the poor governance systems they decreee upon us in a so called Constitution that institutionalizes poor governance?

    The FCO has failed, and they talk about good governance.  What a joke, they do not give DAM about our welfare.

    • Joe Bananas says:

       Sounds like Mac practicing his inevitable "Its not my fault" speech.

  4. chad says:

    all I can say, it is not the people of TCI, but the Brits that have got themselves into a messy situation, which they put themselves into

    • Anonymous says:

      3.2 percent is not bad. It’s a lot better than the rate Big Mac couldn’t get from Cohen.

      • Anonymous says:

        You can’t compare rates, this is a short term maturity (less than 5 years). Of course the rate is lower.

    • Chris Johnson says:

      You have no idea what you are talking about. It is the corruption that brought about the downfall of TCI. You need read their press. The Government of the day robbed and pillaged. Go read the press.

      • George Smiley says:

        So true, Mr Johnson. It is really disheartening how many pig-ignorant people post utter nonsense on CNS on issues they have never read anything sensible and reliable about, especially if it allows them a chance at a cheap shot at someone or some entity, particularly the UK.

      • Michel Lemay says:

        Chris should our account be in order it would also be surprising what has been going on here on a different scale. You must admit that it’s starting to smell here also and I beleive that it’s more then 1 person responsable.

        • Chris Johnson says:

          In my opinion corruption most certainly exists in the Cayman Islands and is getting worse. I do feel that our old Auditor General, Dan Duguay may well have been onto something: hence his departure.I used to look forward to his reports keeping Joe Public informed on a periodic basis.Which reminds me, I have not seen too many recent audit reports from CIG.

          • Anon says:

            You may be right about corruption, Mr Johnson, but you are certainly not right about Dan’s departure being linked with his being "onto something". He was not liked by civil servants (forget about the politicians!) because of his grandstanding, self serving (as it was seen to be) relationship with the media outlets and his in your face approach to dealing with people. Also, there were grumbles about his frequent foreign travel on business+management issues+serious staff discontent in the Audit Office itself leading, one suspects, to the view that the "mixture is too rich" and a fresh less "showman" approach is required. I’m not saying I agree with the reason to let him go on completion of his contract, I’m just setting out some of the circumstances surrounding the decision.

            • Chris Johnson says:

              To Mr Anon 14.27.

              Judging by your comments it appears you are a disgrunted civil servant with an axe to grind. It is very strange that your comments have never been aired before. If there was discontent at the audit office I rather suspect it was because employees were not up to scratch.I know the feeling; I once ran quite a large audit office.
              Dan brought a refreshing breath of air to the audit industry. Do not knock it.
              Carpe Diem my friend.